Vaughan Nelson Investment Management L.P. Sells 131,849 Shares of Otis Worldwide Co. (NYSE:OTIS)

Vaughan Nelson Investment Management L.P. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 43.9% in the first quarter, Holdings Channel.com reports. The firm owned 168,359 shares of the company’s stock after selling 131,849 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Otis Worldwide were worth $16,713,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in OTIS. Norges Bank bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $628,855,000. Vanguard Group Inc. lifted its holdings in Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after buying an additional 2,442,203 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Otis Worldwide by 104.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after buying an additional 794,626 shares in the last quarter. Finally, PineStone Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 17.4% during the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after buying an additional 494,460 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company cut their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Argus lifted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $99.33.

Otis Worldwide Stock Up 1.1 %

Shares of NYSE:OTIS opened at $95.96 on Wednesday. The firm has a market capitalization of $38.80 billion, a price-to-earnings ratio of 27.73 and a beta of 1.03. The stock’s 50 day moving average is $96.14 and its 200-day moving average is $94.04. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.